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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />$5.56 per share for 20,071 shares and $5.00 for 731 shares, The 1997 assessment for the <br />stockholders in the Sanchez Ditch Company (20,071 shares) will be increased to cover any added <br />operation expenses and debit repayment incurred from loans to finance the tower project. The San <br />Acacia stockholders (731 shares) do no share in the obligations for the repairs to Sanchez <br />Reservoir. <br /> <br />The financial condition of the company is solid at the present time. The company has no other <br />obligations other than those listed in the financial statement found in Appendix D. Current loan <br />obligations include the previous $200,000 loan from the CWCB and a FHA Mortgage which has <br />a current principal of approximately $59,000. None of the loans are delinquent and they have no <br />other outstanding obligations. <br /> <br />Table I shows cash flow and annual financial schedule for the Company's operations which <br />includes all previous loans, the proposed $200,000 CWCB loan at 3.00% interest over a 25-year <br />repayment period, the proposed $135,000 CWCB loan at 3.75% interest over a 25-year period. <br />Table I shows the base assessment that is levied against all 21 ,802 shares of stock, the special <br />assessment that is applied to 20,071 shares of stock, the revenue from assessments and other <br />income sources, and the operation and maintenance costs. The four loans that the Company will <br />have to service are shown as the FHA Loan, the CWCB Dam Loan which is for the earlier loan, <br />and the two CWCB Valve Repair Loan. The column entitled "Remaining Amount" is the sum of <br />all revenue and expenses for that year with the "Net Fund Reserve" being the sum of the previous <br />year's remaining amount including interest plus the current years remaining amount. The <br />Company in 1994 and 1995 had a "Net Fund Reserve" of approximately $40,000 which is typical <br />of their annual fmancial condition. That amount is sufficient to pay for the CWCB loan payments <br />per year and was the amount maintained in the "Net Fund Reserve" throughout the schedule. <br /> <br />As can be seen from Table I, the assessments are projected to rise from $5.56 per share to $9.10 <br />per share of stock at the end of the loan period in 2021. This is an increase of 64% from the <br />current level. Special assessment, which are currently at $0.56 per share, will increase by $1.02 <br />to approximately $1.58 per share of stock which is an 18 % increase in the current assessments of <br />$5.56 and is a 9% increase in the projected assessment of $9.10 in the year 2021. <br /> <br />The debt service amounts to approximately $20,000 per year which is approximately $1.00 per <br />share of stock. On an average year the Company releases and uses approximately 20,000 acre-feet <br />of water. The cost per acre-foot of water used is approximately $1.00 per acre-foot per year. The <br />total project cost including interest is $500,000. <br /> <br />COLLATERAL <br /> <br />The Sanchez Ditch and Reservoir Company has the following collateral it can offer for the CWCB <br />loan, in this order of preference: <br /> <br />9 <br />